OMGT3223 REVIEW EXAM I
The exam will cover material from chapter 1 through 5. The Exam
will
consist of problem solving questions. THERE WILL BE NO
MULTIPLE CHOICE QUESTIONS. Be prepared for questions
like
those presented in the homework. Be prepared to discuss your
methodology, calculations, and explain your answers. Your
calculations
and final answer are important but so are your methodology and
explanations.
The following is a sampling of problems and areas in the text and study guide you should peruse. It is a VERY GOOD idea to study the problems that I suggest from the study guide.
Questions on the Exam will look like these types of questions I suggest (HINT: When I say "look like" that may mean that a problem on the Exam could be identical to one of these suggested problems - i.e., it behooves to you to work all the problems I am suggesting and study the interpretation and results).
Please contact me if you have any questions regarding Exam structure, instructions for Exam completion, and/or questions regarding the suggested review problems.
SUGGESTED REVIEW PROBLEMS:
Chapter 1
Study guide problems #2 and #3. Know how to interpret a cost volume cross over graph.
Chapter 2
Study general concepts but do not memorize formulae and such. I may ask questions on absolute versus relative references but overall there will be more on Chapter 2 on Exam II and III.
Chapter 3
Study guide problems #1, #3, #6, #7, and #8, also practice finding averages and standard deviations by hand (e.g., from a list of numbers calculate by hand or using your calculator the average and standard deviation of the numbers).
Study joint probability tables, probability trees, & Bayes Rule.
Chapter 4
Study guide problems #2 and #3
Be able to draw and label a decision tree. Try study guide problems #5, #6, and #7 and study pages 251-256 in the text.
Study the three areas of sensitivity analysis: dominance, tradeoffs, & risks. See pages 238-239 & 245-248.
Chapter 5
Study why a manager would use a triangular distribution versus a normal distribution, pages 170-172.
Study the three areas of sensitivity analysis & sensitivity graphs, pages 357-359 for example. Be able to discuss the three areas of sensitivity analysis: dominance, trade-offs, and risks.